A term coined in urban penitentiaries. Meaning one who gambles without enough capital to cover his end. One who commits this offense in prison usually ends up having to pay with ass - His own. However in a street setting this usually results in a vicious beat down and/or loss of life.
Man, that nigga Sloan bet Rico $5000 on the next Saints game. He's Ass Betting fo' real. He couldn't even make rent this month! Rico 'finna get in that ass!
by BDiddyDaHomewrecker September 22, 2006